I was just watching "House Hunters" with my fiancee, and we saw an enormous, gorgeous house in east Bradenton, Fla., for $450,000. "That would get you a one-bedroom condo in D.C., if you're lucky," she commented.
Which got me to thinking: If full-time telecommuting became a substantial percentage of the workforce, it would probably result in plummeting real estate prices in places like D.C.--where many who aren't in love with the city itself move for jobs--and soaring prices in places like Florida and California--where many people would love to live but can't afford to do so because of a lack of local employment opportunities. It would also have an enormous effect on locality pay.
Not that I think mass telecommuting will happen anytime soon. Social capital, such as in-person training and rapport with co-workers, is likely more important than most people realize.